Acquisition Creates Transactional & Financial Services Practice
Creating Expansion and Margin Opportunity
CHICAGO — Dec. 8, 2005 — Hub International Limited (NYSE:HBG)(TSX:HBG) announced today the acquisition of the assets of Impact Insurance Services and the consolidation of those operations with Hub International Midwest’s financial institutions business. Kirby Jordan and Scott Eckerty, principals of Impact Insurance, will join Hub International Midwest (HUB Midwest) as managers of the expanded business unit. Details of the transaction were not disclosed.
The financial institutions practice of HUB Midwest provides creditor placed insurance coverage and related insurance brokerage services to banks and other lenders. Dallas-based Impact Insurance Services offers an array of transactional custom products and services. Together, HUB Midwest’s Financial Services Division will be a diversified practice that will incorporate new niche products and services into Hub’s former financial institution practice. The Impact acquisition provides both management expertise and expanded transaction volume to the financial institutions business.
“We are pleased to bring a talented financial management team and an attractive customer base to our Midwestern Hub,” said Martin P. Hughes, Chairman and CEO of Hub International Limited. “This new revitalized business unit creates substantial opportunities for our entire organization.”
Eckerty and Jordan formed Impact Insurance Services to provide specialty products and expertise to niche markets. Impact successfully integrates web-based technology to create operational efficiencies in markets experiencing margin compression.
Prior to forming Impact Insurance, Jordan worked in the financial institutions business of HUB Midwest, among other firms. Jordan’s previous roles included relationship management, product development, division management, consulting services, and chief executive officer.
Eckerty’s earlier positions included Vice President of Consumer Loan Services at a specialty insurance agency, with responsibility for creditor placed insurance and an assortment of elite products. In his past roles he has overseen product line profitability, business development, agent relations, underwriting, new product development and compliance.
About Hub International Limited
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.